Do you think that my Credit Union

Would give me 25K for a new car loan? I'm twenty and have been at the same private Credit Union for almost 6 years now. Ive learned that going through a credit union they have way better interest rates than going through the dealers financing. As far as credit I dont have any...I dont think unless paying gas/electric/water utilities count. My dad is being a dick and wont cosign with me but my mom will. Only problem with my mom is her credit is teh suck. What do you think my chances of walking into my bank tomorrow and trying to get approved for the loan are?

What WE think means jack shit man..... it's the credit union's opinion you need.
Ask...you may be surprised.

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Originally Posted by rbob93

What WE think means jack shit man..... it's the credit union's opinion you need.
Ask...you may be surprised.

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Ive read other threads on other car sites about financing and cant really find any good stuff for guys who have not established enough credit and went through a credit union and got approved.

Then again your right, no matter what people say im still going to go there tomorrow and see if I can or not.

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Originally Posted by FantaZGuy28

no matter what people say im still going to go there tomorrow and see if I can or not.

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Right about now you should be questioning yourself why you even started this thread then.

id think about this for a while, personally i hate being in debt and 25 grand is no small amount, especially at a young age, your stuck paying that off for a while unless you have some great paying job, i would just put alot of thought into all of this before you go through with it

They usually will take any regular monthly payment you make that is in your name and that will help you out. Just make sure it isn't to high of amount as a monthly payment or else that'll take away from your ability to pay. Take you check book along for you can show proof that you payed the bills.

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Originally Posted by FantaZGuy28

Would give me 25K for a new car loan? I'm twenty and have been at the same private Credit Union for almost 6 years now. Ive learned that going through a credit union they have way better interest rates than going through the dealers financing. As far as credit I dont have any...I dont think unless paying gas/electric/water utilities count. My dad is being a dick and wont cosign with me but my mom will. Only problem with my mom is her credit is teh suck. What do you think my chances of walking into my bank tomorrow and trying to get approved for the loan are?

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I don't think your dad is being a "DICK",I think he is trying to forewarn you of the big mistake you are about to make..and he doesn't know how to put it exactly...just my opinion...good luck if thats what you want...

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Originally Posted by Trouble maker

I don't think your dad is being a "DICK",I think he is trying to forewarn you of the big mistake you are about to make..and he doesn't know how to put it exactly...just my opinion...good luck if thats what you want...

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Yea he is being a dick, he has a new house with 1.5 acres, bought a 84 911 Wide Body Turbo Porsche and put about 20 grand to restore it. Got remarried and is retired but will not cosign with me specially since he knows I really want this car and im getting it out the door for under 30k when it is about 35k before TTL.

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Originally Posted by FantaZGuy28

Yea he is being a dick, he has a new house with 1.5 acres, bought a 84 911 Wide Body Turbo Porsche and put about 20 grand to restore it. Got remarried and is retired but will not cosign with me specially since he knows I really want this car and im getting it out the door for under 30k when it is about 35k before TTL.

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So are you saying he owes you just because he paid his dues and is able to enjoy what HE worked so hard for???

Get your own loan & start being responsible for YOU!

Credit Unions take into account the time you have been a member. The big thing they are going to look at is job history and time at your last job. If you do direct deposit and have been at your current job a year or more then you have a good chance.

HOWEVER. You have to make enough to easily make your payments. Meaning if you clear 800 a month, and your car payment is 500/month, then you ain't getting the loan.

If you do direct deposit, tell them they can take the payment directly out of your check.

No one ever co-signed for me. You can make it on your own. It will make you more self suffecient later.

• What's your income?
• Rent/Own?
• Any collections?
• Monthly payments you already have?
• What do you need the money for?

Need a little more information before you just ask if they will give a $25K loan! Would you give someone $25K with no info as to what it's for?

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Originally Posted by FantaZGuy28

Yea he is being a dick, he has a new house with 1.5 acres, bought a 84 911 Wide Body Turbo Porsche and put about 20 grand to restore it. Got remarried and is retired but will not cosign with me specially since he knows I really want this car and im getting it out the door for under 30k when it is about 35k before TTL.

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Are you actually ready to take on that kind of a car note?Sometimes us dads do things that seem kinda harsh,but are actually good for you kids in the long run.Sit back and ask yourself..do I really want a hefty ass payment for five years?Good luck to you,and I hope you make the right decision..

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Originally Posted by FantaZGuy28

Would give me 25K for a new car loan? I'm twenty and have been at the same private Credit Union for almost 6 years now. Ive learned that going through a credit union they have way better interest rates than going through the dealers financing. As far as credit I dont have any...I dont think unless paying gas/electric/water utilities count. My dad is being a dick and wont cosign with me but my mom will. Only problem with my mom is her credit is teh suck. What do you think my chances of walking into my bank tomorrow and trying to get approved for the loan are?

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Slim to none. I thought the same thing as you. I was wrong. You can be with them forever, but i fyou dont have credit they will laugh at you.

get a personal loan for the down payment and take it fromt he dealer for a year or two then get them to give you a used car loan to pay off the remaining amount.

or better yet, DONT SPEND $25k on a new car. Its a waste of money that you will regret in 3 years when you try to resale the car for less than half of what you paid for it, and still have money on the note left.

Unless you have lots of money to throw away buy a car that recently came off of lease. It has been maintained, the mileage is low, and you will pay about 2/3 of what a brand new car will cost. Plus after 1.5 years you will be able to sell it for more than whats left on your car note.



BC

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Originally Posted by FantaZGuy28

Yea he is being a dick, he has a new house with 1.5 acres, bought a 84 911 Wide Body Turbo Porsche and put about 20 grand to restore it. Got remarried and is retired but will not cosign with me specially since he knows I really want this car and im getting it out the door for under 30k when it is about 35k before TTL.

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Thats not him being a dick. Thats you being spoiled and whiney.


Its his money, not yours. You are 20 years old, not 15. He is probably right in saying no.


Look at it this way:
He just bought a new house, a new car, restored it and is retired. And is telling you no.

You mom has sucky credit and is telling you yes.

Something tells me that he has his shit in order and should be listened to and that your mom says yes too often.

I could be wrong, but the evidence points elsewhere.

He isnt 'jealous' cause you think you got a great deal. You didnt. the dealership is still making plenty off of you. He is trying to keep you from making a stupid mistake and taking on a car loan you probably cant afford when you should be saving for retirement and paying on a small loan.

Believe me when I say this: life is A LOT MORE fun when you dont have a car loan. There is a reason I dumped my $325 a month GTP payment for a $90 a month loan AND insurance RX7 payment. I have money to spend. i can save for retirement, and I still have a car I greatly enjoy driving.

No credit is just as bad as bad credit IMO....as far as trying to get a loan anyway. I hope you have a good job that pays 50k+ a year because if you do get approved your interest rate is gonna be sky high...and so will your monthly payments.

You're being pretty selfish by calling your dad a dick because he won't co-sign for you. It goes on his credit also.so that means it hurts his debt to income ratio. By the way you're acting i'm sure he made the right decision...last thing he wants is for you to jack up his good credit.

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Originally Posted by Capn Hook

• What's your income?
• Rent/Own?
• Any collections?
• Monthly payments you already have?
• What do you need the money for?

Need a little more information before you just ask if they will give a $25K loan! Would you give someone $25K with no info as to what it's for?

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Make 9 dollars/hour working 40-50 hours a week.

Live at home with my mom.

No collections.

Cell phone, insurance, etc.

And you all would understand if your dad walked out on you and your mom if you were little and left you with nothing. It gets more personal than just this but im not going into details so some of you might get the side im coming from.

Mods could you close this thread at my request please, I dont want it to go any farther than this.

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Originally Posted by anewconvert

He isnt 'jealous' cause you think you got a great deal. You didnt. the dealership is still making plenty off of you. He is trying to keep you from making a stupid mistake and taking on a car loan you probably cant afford when you should be saving for retirement and paying on a small loan.

Believe me when I say this: life is A LOT MORE fun when you dont have a car loan. There is a reason I dumped my $325 a month GTP payment for a $90 a month loan AND insurance RX7 payment. I have money to spend. i can save for retirement, and I still have a car I greatly enjoy driving.

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+1 couldnt've said it better, i'm not gonna lie man, a car is to be quite honest a terrible investment, they just depreciate in value and suck up money. i'd rethink that $25k. at only $9 and hr even with 40-50hrs after tax think about how much you're gonna have to spend after insurance, cell phone bill that kinda shit and it probably would be nice to move out from your moms house at some point and that loan will make that a bitch to do

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Originally Posted by FantaZGuy28

Make 9 dollars/hour working 40-50 hours a week.

Live at home with my mom.

No collections.

Cell phone, insurance, etc.

And you all would understand if your dad walked out on you and your mom if you were little and left you with nothing. It gets more personal than just this but im not going into details so some of you might get the side im coming from.

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It doesn't look to good for you. The credit union will not like the fact that your car loan will cost about a third of your gross income at 40hours.

I bet the max they'd give you would be about 19k. Maybe more if you had money to put down or a good sized savings account or other collateral.